|
|
Bootstrap Loan Program
CDCB partners with TDHCA to provide a 2nd. Lien, 30 year, 0%, interest rate mortgage loan up to $30,000 in conjunction with the Texas State MRB loan program or CDCB's RCLP. Monthly payments of the Bootstrap Loan start at $83.33.
Families earning 60% or less of the AMFI, interested in purchasing through CDCB’s Self Help Program.
|
$800.00
1500 hours of sweat equity |
Up to $30,000 for the 1st. lien loan. Market or Bond Rate Loan or CDCB's RCLP Loan
|
Up to $30,000 for 2nd. Lien loan. 0% for 30 years from the TDHCA.
|
$60,000 for purchases of CDCB Subdivisions homes.
|
31/43 new construction
|
Requirements for the Bootstrap Loan Program
- Participation in CDCB Self Help Program;
- Minimum of $900 gross monthly income;
- Downpayment of $800;
- Consistent work history or steady income from other sources;
- Reasonable credit status;
- Completion of Home Buyers Education classes
Bootstrap Loan Program Underwriting Guidelines:
Boostrap Loan Program |
N/A
|
$30,000 |
30 years |
0% |
Purchase/Rate/Term |
No |
Lower of cost or appraised value |
Single family residence |
Owner Occupied |
Approx. 3% |
Qualified Borrowers |
31/43 fixed/new const.
|
RCLP Guidelines |
None |
Required |
None |
Cameron County |
60% AMFI |
No |
None |
None |
Bootstrap |
No |
Yes |
Limited by FHA/HOC
Premium Pricing/Gift/Grant OK |
Bootstrap Loan Program Sample Photos:
|
|
